A head start in Spanish equities

Also available in Spanish, see next article.

First of all, let’s be clear. The following is not investment research/advice. And, as such, it involves no investment recommendations. These are notes I take to keep myself current on newsflow regarding Spanish equities. I share them freely (and not just as regards price). As always, I am only trying to help. Please read the rest of the “discomplainer (*)” at the end of the article.

Stories in alphabetical order

Acciona (=) Acciona and Globalvia will jointly bid for the largest tram project in the world (the Yarra Tram project in Melbourne Australia) (Expansion p9)

Banks sector (=) Banks bet on paying interest on accounts and leave behind deposits (Expansion Sat p13)

(-/+) The ECB finds a new tool to force the banks to make additional provisions (El Confidencial)

CAF  (=) Expects to achieve revenues of €4.8bn in 2026 (Expansion p12)

Duro Felguera (=) Negotiates an exemption from the obligation to launch a bid as demanded by the new potential partners (Cinco Dias p5)

Ence (=) The CEO says that he would like to hold an Investor Day to explain the new strategic plan and that profits will be impacted by the normalization of pulp prices until after summer (El Economista Sat p10)

Ferrovial  (=) Will make a capital gain of €47m in the sale of its motorway in the Azores (Expansion Sat p3)

Indra (=) Hires AZ Capital and KPMG to negotiate its entry into the shareholding of ITP (Expansion p3)

Investment Strategy  (-) The Ibex index fell 0.31% to 9,309, while awaiting decisions by the Fed and the ECB (Expansion Sat p17)

(+/-) Germany warns of the stagnation of the reform process for EU fiscal rules (Expansion Sat p25)

Macro  (-/=) Wages agreed in wage agreements rise 3.26% in May (and labour costs 4.3% in 1Q23), putting pressure on inflation (Expansion Sat p23)

Real Estate sector (=) Foreign buyers already account for two out of every ten housing transactions (Expansion Sat p18)

Telefonica (=) Will merge its mobile network in Colombia with that of Tigo in order to compete with the market leader (America Movil) (Expansion Sat p6)

Utilities & Ren sector (-/=) A report by the National Commission on Markets and Competition (CNMC) backs the Government’s idea to force the auction of part of the nuclear, hydro, wind and solar PV generation (Expansion p4)

(=) The Government will approve tomorrow Tuesday a new decree regulating the regulated electricity tariff (Cinco Dias p4)

(-/=) The renewables bubble bursts after the 25% fall in prices (El Economista p5)

*The above information has been read/understood/summarised/evaluated/copied as well as I could to provide a guide to Spanish equities (as part of a personal research project on the impact of information transparency on the market i.e. “derecho de cita”), given available timing/intellectual constraints, and I accept no liability for misreading and/or mistranslating the original copy (which I urge you to check, as I am only trying to point you in the right direction, I hope). As for what you may decide to do, after reading the above, please contact your legally approved provider of investment advice on Spanish equities. Feel free to copy (but remember to check the original first).